Chief Justice of India NV Ramana on Saturday opined that arbitration was the best suited dispute resolution mechanism for the globalised world.
He was speaking at the fourth edition of the International Conference on Arbitration in the Era of Globalization in Dubai along with his colleagues Justices DY Chandrachud, L Nageswara Rao and Hima Kohli.
Justice Ramana began his address by underscoring the transformation of the world from when he first started in the profession and need of arbitration forums.
"Countries across the world have moved from being protectionist states to open economies," said, adding that there are so many different rules in each countries on intellectual property rights, taxation, and even cryptocurrency.
"Harmonizing diverse interests while trying to achieve a common goal is a huge challenge," the CJI underscored, opining that a globalised world demanded a dispute resolution mechanism that was acceptable and fair to everyone, where both parties got an equal say in the resolution of the dispute. In this context, he opined that arbitration was best suited as dispute resolution mechanism.
While listing the merits of the method, the CJI pointed out that international arbitration was party-driven, had procedural flexibility and involved domain experts. Further, it was a time-bound mechanism, structured to deliver immediate relief.
Drawing attention to the importance of uniformity and stability in the process, he informed the audience that India and the United Arab Emirates (UAE) had entered into a reciprocal arrangement in 2020 for automatic enforcement of foreign decrees by courts of either country.
"India has entered into similar arrangements with United Kingdom, Singapore, Bangladesh, Malaysia, Trinidad & Tobago, New Zealand and Hong Kong, among others," the CJI pointed out. Discussing whether or not the Indian judicial system was investor-friendly, the Chief Justice said that whenever asked, his answer remained the same. "You can trust the Indian judiciary for its absolute independence and inherent constitutional strength to treat all parties equally,” he said adding that Indian courts were known for their pro-arbitration stance, and assisted in arbitration.
"A crucial component of attracting investors is to provide a stable and efficacious mechanism for redressal of disputes. The legislature, executive and judiciary in India, at all levels, are committed to improving the arbitration landscape,” said the CJI Ramana.